Afreximbank calls for deeper Intra-African trade as boss meets Ramaphosa

President of South Africa Cyril Ramaphosa (right) and Afreximbank President and Chairman Dr George Elombi, at the country’s accession signing ceremony. [Courtesy,Afreximbank]

The African Export-Import Bank (Afreximbank) has called for deeper intra-African trade and investment after South Africa became the latest economic powerhouse to join the pan-African trade finance institution.

Afreximbank President George Elombi said in a statement following the signing that South Africa’s accession marks a decisive step toward uniting the continent around common economic interests. "South Africa's membership brings the country into the heart of Afreximbank's vision to transform the structure of Africa's trade," he said.

"This partnership could not have come at a better time: at this particular time, perhaps to remind us that those who built the modern world on the foundation of global cooperation and multilateralism may turn their backs on it," Elombi warned.

He stressed the importance of African economic self-reliance, adding: "The fate of our economy, the destiny of the African people, can no longer be tied to the benevolence of others. Today, we assume full responsibility for our economic destiny."

Elombi urged looking inward for growth, noting that Africa's "sizeable market of 1.4 billion people should become our preferred destination" for trade and development.

The bank has prepared an initial $8 billion country programme for South Africa,  with $3 billion earmarked to support marginalised groups and small businesses.

Elombi said the partnership will prioritise local processing of natural resources, infrastructure development, and access to regional markets under the African Continental Free Trade Area (AfCFTA).

He also paid tribute to his predecessor, Benedict Oramah, "who made it a personal ambition to bring South Africa into the Afreximbank family," and recognised that "our effort to transform Africa will remain incomplete without South Africa."

President Cyril Ramaphosa, who signed the accession agreement, said in a statement that the move would help strengthen African value chains and boost the continent’s economic sovereignty. "We seek to contribute to an Africa that prioritises intra‑continental trade, that builds its own industrial base," he said.

South Africa’s membership provides Afreximbank with full continental coverage alongside Kenya and other countries and is expected to enhance trade finance support for exporters, industrial projects and regional integration.